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Purdy
Homes News
Happy 2010!
What is with our Real
Estate market this year?
2010 is going to be a good year for Real Estate. Why? Let's go back
a couple years
In 2008,
Buyers were afraid to buy as the market seemed to be plummeting,
and Sellers were not willing to sell their homes for the prices
homes like theirs were going for.
In 2009,
prices had fallen so much, and interest rates were so low, that
Buyers were coming out of the woodwork
at least at entry level
prices. (Entry level prices differ in each community/city). 1st
time Buyers were given a hefty tax credit if they bought a home.
There were lots of foreclosures and tons of short sales. It was
difficult for a normal seller with equity to compete price-wise.
As these foreclosures and short sales closed escrow, they brought
comps, and thus, prices down. Appraisers had to include foreclosures
and short sales as comparables when they appraised a property. Loans
were hard to get as lenders checked and double checked a borrower
out. Sellers didn't sell unless they had to because prices had come
down so much. This decreased the available inventory.
Now, here we are 2010
. Buyers
are buying and Sellers have accepted that their property values
have come down. Everyone knows interest rates won't stay this low
forever and the tax credit has been extended to all homeowners who
haven't bought in the last 5 years. No one expects values to rise
like they did the first half of the decade. People are buying to
have their own place to live and call home, not for fast appreciation.
Yes. 2010 will be a healthy year
Call us any time you have
a Real Estate question! We are more than happy to help!!
Purdy
Homes
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